Radiant Capital is winding down operations after a $50 million exploit in October 2024, attributed to a North Korean state hacking group. The protocol's total value locked has fallen to approximately $2.21 million, and its market capitalization is below $2 million. Core functions for withdrawals and position management will remain accessible.
Radiant Capital is entering a wind-down phase after a significant $50 million exploit in October 2024, attributed to a North Korean state hacking group. The protocol's total value locked has plummeted to approximately $2.21 million, with its market capitalization falling below $2 million. After 18 months of recovery efforts, the DAO concluded that it lacks sufficient recovered funds, new capital, and operational runway to continue responsibly. While active development has ceased and borrow caps are set to zero, users will still be able to access core functions for withdrawals and position management.
The collapse of Radiant Capital underscores the persistent security risks and challenges in the DeFi sector, highlighting the impact of major exploits and the difficulty in recovery, ultimately affecting user confidence and the stability of decentralized protocols.